Sage, Best Report Financial Gains

Irvine, Calif. (Dec. 4, 2002) -- Sage Group plc, United Kingdom-based parent of Best Software in the United States, reported a 14 percent gain in worldwide revenue, including a 22 percent revenue gain for United States operations, Best said.For the fiscal year ended Sept. 30, revenues were $815 million worldwide and $409 in the United States, Best said. Operating income for fiscal year 2002 was $212 million worldwide and $85 million in the United States, gains of 12 percent and 29 percent respectively from the previous fiscal year.

"These strong results for Sage worldwide have been largely driven by our ongoing focus on marketing our broad range of leading products and services to new and existing customers, along with our continuing ability to add value to acquisitions," said Sage chairman Michael Jackson. Best chief executive Ron Verni said that United States operating margins "improved from 20 percent to 21 percent as a result of our increasing focus on product cross-selling.'

Sage has been particularly active in acquiring U.S. software companies and making them part of Best, whose principal operations are in Reston, Va., and here in Irvine. Its 2002 acquisitions include CPA Software, a developer of practice management and tax compliance software for accounting professionals.

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